Financial Services

What's the difference between a 'credit card', a 'charge card' and a debit card and how do they operate?

Answer to card question

Are 'credit sale', 'conditional sale' and 'hire purchase' the same thing?

Answer to credit sale question

What should I do if I'm unable to make my repayments under a credit agreement?

Answer to credit agreement question

I bought my car on hire purchase about eighteen months ago and the agreement has about 6 months to run - I've missed about 3 or 4 payments - the finance company want to repossess it but I've heard something about the car being 'protected goods' - what does this mean?

Answer to hire purchase question

Last week we received a visit at our home from a company selling conservatories - we agreed to buy one for £6,000 and we signed a credit agreement. We've now decided that we can't afford it and want to pull out of the deal. The company has told us that we can't and that there is no 'cooling off' period - are they right?

Answer to 'cooling off' period question

I don't have a very good credit record and I found it difficult to get a £2,000 loan. I asked a credit broker to find one for me, which he did, but I didn't take it up and now he's charging me £250 for his services - do I have to pay?

Answer to loan question

I recently went in to my local electrical superstore and purchased two items using my credit card - one was a toaster costing £35 and the other was tumble dryer, which cost £250. The toaster caught fire the following day and the tumble dryer won't work. What are my rights against the superstore and against the credit card company?

Answer to credit card question

I wanted to buy a three piece suite from my local furniture store and take out their 'Buy now, Pay later' finance scheme but after I filled in all the forms the store told me that they had carried out some checks and they refused me credit - can they do this and what are my rights?

Answer to finance scheme question

Last night, I lost my wallet that contained all my credit cards. I am worried that somebody may find it and start using my cards - to what extent am I liable?

Answer to lost wallet question

Last week I bought a car from a friend for cash and I've just found out that it's still the subject of a hire purchase agreement - I didn't know at the time of 'purchase'. The finance company is chasing me as they say that it still belongs to them - does the car belong to the finance company or me?

Answer to finance company question

The Frequently Asked Questions were developed by the Crossing the Boundaries partnership (CtB) of Oxfordshire, Gloucestershire, Warwickshire, Worcestershire and Shropshire.

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